Learn more about financial reporting as a bailiff agency

As a licensed bailiff agency, you must submit your financial report within 90 days of your business year-end date annually.

The following information is intended to clarify what needs to be included when reporting your total gross amount collected and fees or commissions. 

Review the annual financial reporting form (PDF).

Reporting on the gross amount collected

When recording the “total gross amount collected” on your financial report, you must include all of the following:

• The amount the debtor paid to creditors AND/OR the amount that the debtor paid to you on behalf of the creditors.
• The sale price on any assets repossessed, seized, or distrained by you.

For assets that are repossessed, seized, or distrained when acting as a bailiff and are returned directly to the creditor, the value of these assets or the amount in arrears do not need to be reported under “total gross amount collected”.

Reporting on fees and commissions

Any fees or commissions that you receive from the creditor must also be reported under “fees or commissions” on your annual financial report.

Any fees or commissions received because of assets being repossessed, seized or distrained and returned directly to the creditor do not need to be reported under “fees or commissions” on your annual financial report form.

Examples of when you DO need to report:

• Example #1: You receive a work order from a creditor to seize an asset from a debtor. When you arrive, the debtor pays you the amount in arrears in cash or via e-transfer. You then deposit the money received in your trust account before disbursing the money back to the creditor. The amount “received” from the debtor and any fees or commissions received from the creditor must be reported on your annual financial report form.
• Example #2: You receive a work order from a creditor to seize an asset from a debtor. When you arrive, the debtor agrees to pay the amount in arrears directly to the creditor via e-transfer or in-person. Even though you have not deposited any money in your trust account, you must treat this payment to the creditor as money you have “collected” from the debtor. The amount paid to the creditor and any fees or commissions received from the creditor needs to be reported on your annual financial report form.
• Example #3: You receive a work order from a creditor to seize an asset from a debtor. You then auction the seized property and receive money from the sale. You then deposit the money received from the sale into your trust account before disbursing the money back to the creditor. The amount received from the sale of the seized asset (regardless of the original amount in arrears) and any fees or commissions received from the creditor must be reported on your annual financial report form.

Examples of when you DO NOT need to report:

• Example #1: You receive a work order from a creditor to seize an asset from a debtor. The creditor instructs you to leave the seized asset at their desired location. You complete the work order and receive a fee or commission for this service. This transaction, including any fees or commissions received from the creditor, does not need to be reported on your annual financial report form as no “money” is collected or received from the debtor.
• Example #2: You receive a work order from a creditor to seize an asset from a debtor. You then seize the asset and store it on your own storage lot or private parking lot in the interim. You return the seized asset to the creditor later and receive a fee or commission for this service. This transaction, including any fees or commissions received from the creditor, does not need to be reported on your annual financial report form as no “money” is collected or received from the debtor.

Submit your financial report.